Close readings of regulatory documents, industry reports, and infrastructure papers with personal views.
10 posts
A close reading of BIS Papers No 175. Starting from a single payment, it explains the hierarchy of money, par and backstops, why gold and bitcoin stand outside the monetary system, and what stablecoins still lack.
A close reading of the PFMI as a complete document. It groups the 24 principles and five responsibilities for authorities by source of risk, explains how jurisdictions turn them into rules, disclosures and assessments, and leads into the CPMI-IOSCO final guidance on general business risk.
A reading of IMF GFSR October 2026 Chapter 3 on tokenisation, covering efficiency gains, netting and liquidity trade-offs, collateral transmission, and four institutional constraints that could shape the risk structure of tokenised markets.
Based on the RMB Internationalization Report (2026), this article examines the underlying financial infrastructure supporting cross-border RMB use, covering liquidity provision, account connectivity, CIPS backbone rails, retail payment links, and financing, investment, and risk management arrangements.
An analysis of the RBA Payments System Board Annual Report 2026, examining RITS and NPP, BECS decommissioning, operational resilience, cross-border rule interoperability, and wholesale tokenised asset settlement in Project Acacia.
Bank of Korea released its 2025 Payment and Settlement Systems Report, detailing BOK-Wire+, a 100% net settlement collateral requirement, offshore KRW settlement, and regulatory frameworks for Project Hangang and stablecoins.
Demystifying central bank tools through bank balance sheets, explaining reserve constraints, liquidity transmission mechanisms, and major central bank operating frameworks.
Explores why banks need CET1 capital through recent equity injections, examining balance sheet loss absorption, Basel III capital tiers, and lending constraints.
An in-depth analysis of how the ECB's Pontes and Appia initiatives use interoperability architectures and dual-track cash settlement models to anchor tokenised securities settlement in central bank money and legal finality.
Starting from the BIS discussion of the singleness of money, this article explains why bank deposits exchange at par and how stablecoins differ institutionally in redemption, settlement, liquidity, and cross-chain interoperability.